AUGUST Features  
  Diversity in the Accounting Profession
  A Panel Discussion

  Minorities and women are underrepresented in the profession, especially at senior levels, despite ameliorative efforts by the the accounting profession. The CPA Journal invited an esteemed panel to discuss why--and to point to the benefits of correcting the imbalance. Some of the panelists have encountered a glass ceiling in their own careers and survived to tell about it. (Article)


  Three Generations of Comptrollers General
  By James L. Craig, Jr.

  As head of the U.S. General Accounting Office, the comptroller wields a great deal of influence over the accounting profession for the last 33 years, representing the collective tenure of the three living comptrollers general, have seen major events affect the accounting profession: the yellow book standards, the Single Audit Act of 1984, and the audit of the government-wide financial statements. For this third installment in The CPA Journal Millennium Series, the CGs contributed their insights on the relationship between the GAO and the accounting profession. (Article)


  Managing Environmental Justice Risks
  By Roy Whitehead, Jr., and Richard O. Merritt

  The idea of environmental justice has been expanded by the President, the EPA, and the courtsto cover not only blatant discrimination, but also activities that create and unintended disparate impact. A recent court case greatly expands the cause of action available to thrid-party complainants. Business advisors should take note of the potential implications on siting decisions. (Article)


  The Evolving Role of Corporate Audit Committees:
  Implications of Recent SEC Actions
  By Daniel P. Mahoney

  The Blue Ribbon Committee, called for by SEC Chair Arthur Levitt and and charged with examining the role of the corporate audit committee in improving the quality of financial reporting, has released its findings. Its 10 recommendations stress the importance of the audit committee's independence, visibility, and involvement. (Article)


   Twenty Questions on Selection of a Legal Entity
  By Peter A. Karl, III

  The author presents a comprehensive guide to entity selection in a question-and-answer format. No one entity is right for every occasion, but the numerous strengths of the of the limited liability company are making it the preferred choice for professionals. (Article)


 The Foreign Earned Income Exclusion: An Update
  By Joseph R. Oliver

  In an increasingly global workplace, taxpayers must be aware of the possible consequences of overseas employment in order to elect the best tax treatment. The author reviews the options available under IRC section 911 and the requirements for claiming the foreign earned income exclusion. (Article)


  AUGUST Departments  
   Translating foreign financial statements involving the euro (Article)

  Computer-assisted techniques for fraud detection (Article)

  Federal Taxation

   Qualified subchapter S subsidiaries 
   Recent changes to the SRLY rules
   Proposed regulations on corporation basis adjustments and pass-through items (Article)

  Employee Benefit Plans
   IRS extends remedial amendment period for plan qualification chnages
   A quick reference: employee benefit and retirement planning (Article)
  The CPA in Industry
  The internal audit and activity-based management (Article)
  Personal Financial Planning

  Deferred gift annuitities 
    Investing IRA assets in a family limited partnership (Article)

  The CPA and the Computer

   Product review: Olympus D-620L digital camera and P-330 home photo printer (Article)

  Estates and Trusts
   Nonqualified stock options  (Article)
  The CPA Manager
   Acquire clients by stressing these 40 benefits of accounting services   (Article)
  State and Local Taxation
   The computer servcies sales tax quandry (Article)
August News & Views
ADR Into The Millennium
Research In Accounting Regulation, Volume 12
Millennium Series Continues
SEC Weighs In On International Standards Setting Reform
GASB To Issue New Governmental Reporting Model
Bowman's Accounting Report Analyzes The Centerpoint Roll-Up
Signs Of Backlash Against SEC's Attack On Cookie Jar Reserves And Income Smoothing 
Ernst & Young Study Finds Tax Revenues Minimally Impacted By Internet
International Forum On Accountancy Development Launched
KPMG'S First Woman Vice Chair Addresses Students And Others In Honor Of National Women's History Month
CPA: What Should It Stand For?

  Coming SOON  
  Special High-Net-Worth Issue

  Investment advice as a service for the new millennium
Private investment partnerships
   Financial planning for divorced individuals

   Successful networking
Federal Taxation
   Charitable contributions of computer equipment

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 accounting professionals. It is edited by CPAs for CPAs. Our goal is to provide CPAs and other accounting professionals with the information and news to enable them to be successful accountants, managers, and executives in today's practice environments. 

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